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Another BIG resignation after its' PRESIDENT and COO resigne 3 weeks ago. Seems like its owner and CEO Sheldon, have outstanding differences with other senior management.
Market talk is the differences are over Marina Bay Sands. The senior management are of the opinion that it will not be a viable entity and should be canned.
Stay tuned.
UPDATE 1-Las Vegas Sands loses exec, eyes debt buyback
Tue Mar 24, 2009 8:33pm EDT
* EVP and construction chief Stone resigns
* Las Vegas Sands wants to buy back up to $800 mln debt
By Clare Baldwin
SAN FRANCISCO, March 24 (Reuters) - Las Vegas Sands Corp (LVS.N) said on Tuesday its construction chief has resigned, the latest senior executive to leave as the firm struggles with dwindling gaming and mounting debt obligations.
Sands also said on Tuesday it was in talks with Goldman Sachs (GS.N), Citigroup (C.N) and Lehman Brothers Inc (LEHMQ.PK) to amend an existing credit agreement with lenders, so that Sands could buy back up to $800 million in outstanding term loans.
The resignation of Executive Vice President Bradley Stone had been expected following other high-profile departures from Sands, which operates the Palazzo and Venetian resorts on the Las Vegas Strip and two casinos in the Chinese gambling enclave of Macau.
The effective date for Stone's resignation had not been decided, Sands said.
Stone, who is also president of global operations and construction, was not available for comment. A Sands spokesman was not immediately available to comment beyond the company statement.
The firm controlled by billionaire Sheldon Adelson recorded a $168.32 million loss in 2008 and had come close to violating loan agreements as gambling slowed in Vegas and elsewhere and credit dried up globally.
On March 9, Sands said President and Director William Weidner had left the firm. It gave no explanation but said in a filing that an internal committee will address "outstanding differences" between CEO Adelson and other senior management members.
After Weidner left, director James Purcell resigned from the casino operator's board days later, citing a disagreement over the way in which Weidner had been dismissed.
After Purcell resigned, analysts speculated that Stone and Senior Vice President Robert Goldstein would follow. Stone and Goldstein had been hired along with Weidner in 1995 and had worked with him for years before that.
Sands shares, which traded near $84 a year ago, has lost 96 percent of their value in the past 12 months. They gained 16 percent on Tuesday to $3.08 ahead of the buyback announcement. (Reporting by Clare Baldwin; Editing by Edwin Chan, Richard Chang)
© Thomson Reuters 2009 All rights reserved
Market talk is the differences are over Marina Bay Sands. The senior management are of the opinion that it will not be a viable entity and should be canned.
Stay tuned.
UPDATE 1-Las Vegas Sands loses exec, eyes debt buyback
Tue Mar 24, 2009 8:33pm EDT
* EVP and construction chief Stone resigns
* Las Vegas Sands wants to buy back up to $800 mln debt
By Clare Baldwin
SAN FRANCISCO, March 24 (Reuters) - Las Vegas Sands Corp (LVS.N) said on Tuesday its construction chief has resigned, the latest senior executive to leave as the firm struggles with dwindling gaming and mounting debt obligations.
Sands also said on Tuesday it was in talks with Goldman Sachs (GS.N), Citigroup (C.N) and Lehman Brothers Inc (LEHMQ.PK) to amend an existing credit agreement with lenders, so that Sands could buy back up to $800 million in outstanding term loans.
The resignation of Executive Vice President Bradley Stone had been expected following other high-profile departures from Sands, which operates the Palazzo and Venetian resorts on the Las Vegas Strip and two casinos in the Chinese gambling enclave of Macau.
The effective date for Stone's resignation had not been decided, Sands said.
Stone, who is also president of global operations and construction, was not available for comment. A Sands spokesman was not immediately available to comment beyond the company statement.
The firm controlled by billionaire Sheldon Adelson recorded a $168.32 million loss in 2008 and had come close to violating loan agreements as gambling slowed in Vegas and elsewhere and credit dried up globally.
On March 9, Sands said President and Director William Weidner had left the firm. It gave no explanation but said in a filing that an internal committee will address "outstanding differences" between CEO Adelson and other senior management members.
After Weidner left, director James Purcell resigned from the casino operator's board days later, citing a disagreement over the way in which Weidner had been dismissed.
After Purcell resigned, analysts speculated that Stone and Senior Vice President Robert Goldstein would follow. Stone and Goldstein had been hired along with Weidner in 1995 and had worked with him for years before that.
Sands shares, which traded near $84 a year ago, has lost 96 percent of their value in the past 12 months. They gained 16 percent on Tuesday to $3.08 ahead of the buyback announcement. (Reporting by Clare Baldwin; Editing by Edwin Chan, Richard Chang)
© Thomson Reuters 2009 All rights reserved
